The group reduced its pre-COVID-19 estimate of $473bn to $421bn, estimating an 11% drop in worldwide gross gaming revenue (GGR).

GGR in Asia and Oceania is predicted to drop 16% from pre-outbreak estimates, while Europe’s GGR is expected to fall 9%.

North America’s estimate is down 7% as a result of the virus.

An increase in online gambling is expected, with a rise from 13% to 16%, but the postponement and cancellation of major sporting events will impact both offline and online betting.

Maarten Haijer, Secretary General of the EGBA, said: “It’s sad that so many iconic sporting events are being cancelled or suspended and it will obviously have a negative impact on our sector.

“But the safety and health of the public is obviously more important and we fully support the sporting authorities and others in the difficult decisions they face right now.”